US government to auction off Silk Road Bitcoin haul

THE UNITED STATES MARSHALS SERVICE (USMS) has announced that it will auction off part of the Bitcoin haul that was seized during the Silk Road takedown last year.

The USMS plans to auction off nearly 30,000 Bitcoins - 29,656.51306529, to be exact - or $18m worth, which was picked up in the seizure of the black market Silk Road, an online marketplace for the buyers and sellers of illegal drugs, among other things, last October.

The auction will take place during a 12-hour period on June 27, and the USMS said that interested parties must register to take part, a process that requires putting up a refundable $200,000 deposit.

"The USMS will contact each individual who submits a registration form by 5:00 PM EST, June 26, 2014. If the USMS determines that you are an eligible bidder, you will receive communication of that fact from the USMS and will be provided with additional information regarding how to place your bid," the USMS website advised.

The Bitcoins will be auctioned off in nine blocks of 3,000 Bitcoins and one block of 2,656.51306529 Bitcoins, and the winning bidders will have to pay the full amount in cash.

"The USMS will not sell to any person who is acting on behalf of or in concert with the Silk Road and/or Ross William Ulbricht, and bidders will be required to so certify," the USMS said. µ